The Political Construction of Brazil

2017. An encompassing analysis of Brazil’s society, economy and politics since the Independence. A national-dependent interpretation. Three historical cycles of the relation state-society: State and Territorial Integration Cycle (1822-1929), Nation and Development Cycle (1930-1977) and Democracy and Social Justice Cycle (1977-2010). Crisis since then. (Book: Lynne Rienner Publishers)

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Macroeconomia Desenvolvimentista

2016. With José Luis Oreiro e Nelson Marconi. Our more complete analysis of Developmental Macroeconomics – the central economic theory within New Developmentalism. (book)

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The macroeconomic tripod and the Workers' Party administrations

Luiz Carlos Bresser-Pereira

in Anthony W. Pereira e Lauro Mattei, eds. (2015) The Brazilian Economy Today: Towards a New Socio-Economic Model? London: Palgrave/Macmillan: 121-134


In 1999 liberal or orthodox economists implemented in Brazil the "macroeconomic tripod", which, in practice, meant overvalued currency (floating exchange rate), high real interest rates (inflation targeting) and primary surplus. In consequence, no real growth. Since 2003 developmental economists tried change this perverse tripod, were initially benefited by a boom of commodities, but eventually failed. They were unable to reject the exchange rate populism which new developmentalism criticizes, and, in consequence, besides the economy remaining trapped by a non-competitive exchange rate and high interest rates, the primary surplus changed into a primary deficit.



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